Liberty Media Nears Sirius Rescue Deal

Facing massive debt and under siege by a rival, company turns to Liberty Media for help

(NEWSER) - With $175 million in debt due Tuesday and an unwanted takeover in the offing, Sirius XM Radio is hoping for help from Liberty Media, reports the Wall Street Journal. The satellite radio company is more than $3.25 billion in debt and nearly cashless, yet remains steadfast in its efforts to repel a takeover by EchoStar mogul Charles Ergen. More»

Sirius reportedly planning to file for bankruptcy

(NEWSER) - Despite reports that Sirius XM radio plans to file for bankruptcy, Howard Stern says the format is headed in the right direction and will survive, Reuters reports. “Everybody's wondering about this whole bankruptcy thing with Sirius,” he said on his radio show. “I'm not concerned. I think satellite radio is great and will be a successful business and it will survive.” He called its current troubles “growing pains.” More»

Auto downturn looks likely to kill Sirius and the satellite radio biz

(NEWSER) - The country’s only satellite radio company is close to filing for bankruptcy, and columnist Mike Elgan is having an “I told you so” moment. Before Christmas Elgan predicted in ComputerWorld that Sirius XM wouldn’t survive the recession, given its shaky financial status—and the downturn now looks certain to kill Sirius and "bury satellite radio forever," he writes. The problem, according to Elgin, is that Sirius hitched its wagon to the auto industry. More»

If company files for bankruptcy, they could ask judge to remove him

(NEWSER) - Sirius XM Radio's creditors want the company to make a deal with an investor rather than file for bankruptcy, and they're prepared to go after CEO Mel Karmazin's job if things don't go their way, the Wall Street Journal reports. "The board of directors should carefully consider the ramifications" of bankruptcy, a lawyer for the creditor group said. The company's decision is expected today. More»

(NEWSER) - Sirius XM is preparing to file for bankruptcy this week, the New York Times reports. The satellite radio company, which has more than $5 billion in assets and a stable of personalities such as Howard Stern, is working with financial advisers to prepare the Chapter 11 filing. The development could force the hand of Charles Ergen, chief executive of Dish Network, who recently acquired Sirius debt. If he's going to make an offer for the company, he may have to do so before the bankruptcy filing. More»